Daily Archives: August 4, 2016

Interest Subvention Scheme -Union Budget – 2016-17 : RBI Guidelines

RBI/2016-17/32 FIDD.CO.FSD.BC.No 9/05.02.001/2016-17 August 4, 2016 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir/Madam Union Budget – 2016-17 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement relating to the Interest Subvention Scheme 2016-17 (the Scheme) it is advised… Read More »

Dishonour of cheques – RBI Modified procedure

RBI/2016-17/33 DBR.No.Leg.BC.3/09.07.005/2016-17 August 04, 2016 All Scheduled Commercial Banks (Including RRBs) Dear Sir/ Madam, Dishonour of cheques – Modification in procedure Please refer to our circular DBOD.BC.Leg.No.113/09.12.001/2002-03 dated June 26, 2003 and paragraph 11.4 (i) of RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 wherein banks were advised to introduce a condition for operation of accounts with cheque… Read More »

RBI Guidelines on Ind AS for All-India Term Lending and Refinancing Institutions(AIFIs)

RBI/2016-17/34 RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 August 04, 2016 All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to… Read More »

GST Next Steps : Govt. Roadmap to GST

GOODS AND SERVICES TAX THE ROADMAP TO GST (Extracts from Presentation of Revenue Secretary’s of Govertment of India ) • Establishment of Legal Framework • Preparation of IT infrastructure • Change Management: • Training of Officials and Staff • Outreach and Consultation with trade and industry • Target date of GST Roll Out: 1st April 2017… Read More »

Article 271 after Constitution 101st Amendment Bill 2016

ARTICLE 271  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 271 Surcharge on certain duties and taxes for purposes of the Union. 271. Notwithstanding anything in articles 269 and 270, Parliament may at any time increase any of the duties or taxes… Read More »

Article 270 after Constitution 101st Amendment Bill 2016

ARTICLE 270  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 270 Taxes levied and distributed between the Union and the States. 270. (1) All taxes and duties referred to in the Union list, except the duties and taxes referred to in 1… Read More »

Article 269A after Constitution 101st Amendment Bill 2016

ARTICLE 269A of Constitution of India [ Article 269A  Inserted by the Constitution (One Hundred and First Amendment) Act, 2016, w.e.f. 16-9-2016. ] Article – 269A, Constitution of India 1950 Levy and collection of goods and services tax in course of inter-State trade or commerce. 269A. (1) Goods and services tax on supplies in the course… Read More »

Article 269 after Constitution 101st Amendment Bill 2016

ARTICLE 269  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 269 Taxes levied and collected by the Union but assigned to the States. 269. (1) Taxes on the sale or purchase of goods and taxes on the consignment of goods 1[except as… Read More »

Article 268 after Constitution 101st Amendment Bill 2016

ARTICLE 268   [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 268  Distribution of Revenues between the Union and the States Duties levied by the Union but collected and appropriated by the States. 268. (1) Such stamp duties 1[***] as are mentioned in the… Read More »

Article 250 after Constitution 101st Amendment Bill 2016

ARTICLE 250  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 250 Power of Parliament to legislate with respect to any matter in the State List if a Proclamation of Emergency is in operation. 250. (1) Notwithstanding anything in this Chapter, Parliament shall, while… Read More »

Article 249 after Constitution 101st Amendment Bill 2016

ARTICLE 249  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016]  ARTICLE 249 Power of Parliament to legislate with respect to a matter in the State List in the national interest. 249. (1) Notwithstanding anything in the foregoing provisions of this Chapter, if the Council… Read More »

Article 248 after Constitution 101st Amendment Bill 2016

ARTICLE 248  [AS AMENDED BY THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016 AS PASSED BY RAJYA SABHA ON 3RD AUGUST, 2016] ARTICLE 248 Residuary powers of legislation. 248. (1) 2[Subject to article 246A, Parliament] has exclusive power to make any law with respect to any matter not enumerated in the concurrent list or State List.… Read More »

Article 246A after Constitution 101st Amendment Act 2016

Article 246A of Constitution of India 1950 ( Article 246A Inserted by the Constitution (One Hundred and First Amendment) Act, 2016, w.e.f. 16-9-2016. ) Article – 246A After Constitution (One Hundred and First Amendment) Act  2016 Special provision with respect to goods and services tax. 246A. (1) Notwithstanding anything contained in articles 246 and 254, Parliament, and,… Read More »

Constitution (101st Amendment) Bill 2016

CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016*  [ Constitution 101st Amendment Bill 2016 ] A Bill further to amend the Constitution of India. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— [Related Post Download Constitution One Hundred & First Amendment Act 2016 – GST ] Short title and commencement.… Read More »

Report of Parliamentary Standing Committee on Finance on Constitution (115th )Amendment Bill 2011- GST

SEVENTY THIRD REPORT OF PARLIAMENTARY STANDING COMMITTEE ON FINANCE (2012-13) ON CONSTITUTION (ONE HUNDRED FIFTEENTH AMENDMENT) BILL, 2011 PRESS RELEASE, DATED 7-8-2013 COMPOSITION OF STANDING COMMITTEE ON FINANCE (2012-13) Shri Yashwant Sinha – Chairman MEMBERS LOK SABHA 2. Shri Suvendu Adhikari 3. Dr. Baliram 4. Shri Sudip Bandyoypadhyay* 5. Shri Udayanraje Bhonsle 6. Shri Nishikant… Read More »

Interest Subvention Scheme to Boost Exports

Interest Subvention Scheme to Boost Exports The Government has introduced the Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit w.e.f. 01.04.2015 for 5 years. The scheme has been notified vide RBI circular No. 62 dated 04.12.2015. The scheme is available to all exports by manufacturers under 416 specified tariff lines [at ITC… Read More »

Nidhi Companies : Introduction

INCORPORATION OF NIDHI COMPANIES  The Dictionary Meaning of Nidhi in Indian Context “In the Indian context / language means “TREASURE”. However, in the Indian financial sector it refers to any mutual benefit society notified by the Central / Union Government as a Nidhi Company. Nidhi Companies are created mainly for cultivating the habit of thrift… Read More »